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The South Africa Diaries: Risks Skewed to the Upside

The ANC Elective Conference Election is expected to
take place from 16-20th December. Seizing the moment,
we embarked on an investor trip to South Africa to test
our investment thesis by gaining local insight into the
economic impact of the potential outcomes of the ANC
election and the macroeconomic challenges the country
faces.

Key takeaways:

1. The outcome ofthe ANC election has a key bearing on whether the country will address its economic challenges.

2. A positive outcome should see the close of the Zuma chapter and boost
sentiment

3. Strong institutions and resilient, highly adaptable companies are used to challenging conditions

4. There is strong potential for an election outcome that could kickstart recovery